Nifty holds 8350 amid consolidation; L&T falls 2%, Metals shines

Equity benchmarks remained volatile in afternoon trade with the Nifty gyrating in a range of 30 points as investors awaited Union Budget that will be announced on February 1.

The 30-share BSE Sensex was up 26.04 points at 27060.54 and the 50-share NSE Nifty rose 16.50 points to 8365.85. 

About 1438 shares advanced against 1167 declining shares on the BSE. 

ICICI Bank (down 2.5 percent), Larsen & Toubro (down 2 percent) and Reliance Industries (down 0.6 percent) extended losses in afternoon while metal stocks gained strength with the Nifty Metal index rising 2 percent. 

Markets in Europe were lower after US President Donald Trump took office and promised to pursue a protectionist policy. France's CAC, Germany's DAX and Britain's FTSE were down 0.8 percent each. 

Gold prices rose to the highest in two months as investors sought safer assets amid uncertainty around the economic policies of new US President Donald Trump and as the dollar declined against other major currencies. 

Spot gold rose 0.68 percent, to USD 1,213.10 per ounce.

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Posted in: Indian Market Tips